Jakarta: The World Bank Group announced on Wednesday an ambitious target for 35% of its financing to have climate co-benefits, on average, over the next five years.
It replaces an earlier target of reaching 28% by 2020, which was in place over the last 5 years.
The World Bank – IBRD and IDA – will also seek to ensure that 50% of this financing supports adaptation and resilience.
These are two of several announcements about the Bank Group’s commitment to helping developing countries address climate change and adapt to its mounting impacts.
“Climate change presents critical challenges to our development efforts. The poorer countries suffer most from climate events – including flooding, droughts and food insecurity. In addition to increasing our climate financing, we’re working to achieve country outcomes that reduce greenhouse gas emissions and a successful transition to lower-carbon development," said David Malpass, President of the World Bank Group, in a press release on Wednesday.
The Bank Group is already the biggest multilateral funder of climate investments in developing countries.
The co-benefits target of 28% by 2020 was established as part of the Bank Group’s First Climate Change Action Plan, covering 2016-2020.
The new 35% average co-benefits target will be embedded in the Second Climate Change Action Plan, which will cover 2021-2025.
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